KUALA LUMPUR: Felda Global Ventures Holdings Bhd (FGV) said Tuesday that the possible different mode of investment in Indonesia-based PT Eagle High Plantations Tbk may comprise potential joint venture, off take agreement or other forms of mutually agreed collaborations.
This latest disclosure by the oil palm plantation giant, which had earlier planned to buy a 37% stake in Eagle High for US$680mil (RM2.9bil), is an elaboration of the announcement made to Bursa Malaysia the previous day.
On Monday. FGV had said it was discussing a possible different mode of investment with the vendors, PT Rajawali Capital International and its parent company PT Rajawali Corpora.
The parties have agreed that the deadline to enter into the conditional sale and purchase agreements to buy shares in Eagle High and Rajawali Corpora’s sugar businesses will no longer be applicable.
Based on FGV’s indicative timeline submitted to Bursa Malaysia on June 17, the implementation of the proposed acquisitions had been forecast to be completed by the fourth quarter of 2015.
In Tuesday’s filing with the bourse, FGV said its board envisaged that a conclusive mode of investment in Eagle High would be announced in 2016.
Investors have not received with enthusiasm the deal struck between FGV, which is 33.66% owned by government agency Felda, and the Rajawali group in June.
FGV shares gained 8 sen to RM1.85 at Tuesday’s close.
Source: http://www.thestar.com.my/business/business-news/2015/12/01/fgv-discloses-other-possible-modes-of-investment-in-eagle-high/?style=biz
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